Mayor Johnson and officials celebrate topping out for Thrive Exchange

Mayor Brandon Johnson and Ald. Greg Mitchell recently joined DL3 Realty, South Shore residents and city officials today to celebrate the topping off of Thrive Exchange, a six-story, mixed-use building under construction at 7905 S. Exchange Ave. Planned by DL3 Realty, the project site is located at the southeast corner of S. Exchange Ave and E. 79th St.

"I am thrilled to celebrate Thrive Exchange’s construction milestone and see continued progress in our mission to make Chicago the safest and most affordable big city in America," Mayor Johnson said. "The City’s investment in this project reflects our commitment to creating housing as a tool for economic justice and opportunity. Through targeted investments, guided by our Build Better Together strategic plan and citywide partnerships, we are developing every part of our city and advancing equity in every neighborhood."

Designed by KOO, the $35 million project will encompass a six-story mixed-use building topping out at 78 feet with a new landscaped plaza. A retail plaza will face the Metra tracks and the intersection, with a tenant amenity deck on the second floor overlooking it. The facade is drawn from the context of the Ringer Building, with choices selected to complement its materiality. A warm brick mix will be paired with copper metal panels at the bay windows and lower recessed spaces. The arched openings draw from the arches at the Ringer Building. 

The development will deliver 43 affordable workforce housing units renting at 60% AMI, split into 4 studios, 20 one-beds, and 19 two-beds. The east side of the ground floor of the building will have retail space and offices for Neighborhood Housing Services. Residents will enter the building from the west side which will also hold admin space and a bike storage room. The project will have zero parking spaces. 

City support for the project includes $15.1 million in Low Income Housing Tax Credit equity, $13.1 million in Tax Increment Financing, a $6.3 million Chicago Recovery Plan loan and the sale of a city-owned lot.

Construction is being led by general contractors W. E. O'Neil and GMA Construction and work is expected to be complete by April 2026.